Removing one belt at a time will isolate the noise.
Yes, misalignment, including run out and worn bearings.
Don't use belt spray as that is only temporary fix. After that it makes things worse.
If the belts (and pulleys) are run too long while slipping (more than designed) they will polish up and increase the likelihood of slipping, even if the initial cause is corrected. A light scuff up, of both belt and pulley grooves, with some fine - like 800 - wet and dry emery paper sometimes helps.
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